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FAO warns that La Niña is forecast for the second half of 2024 and urges stronger agri-food resilience in Latin America and the Caribbean. The piece notes agriculture absorbs 23% of global economic losses from disasters and cites the regional food security toll of the prior El Niño year.
This is a policy and resilience warning rather than a new supply shock, so it has little direct price impact beyond signaling possible La Niña crop risks in South America later in 2024.
fao.orgApr 24, 2024After 2,467 past weather events, Corn moved a median +0.1% over 5 sessions (51% higher; middle half -1.5% to +1.7%), and +0.6% over 20.
After 1,964 past weather events, Soybeans moved a median +0.1% over 5 sessions (51% higher; middle half -1.7% to +1.8%), and +0.3% over 20.
After 1,773 past weather events, Wheat (SRW) moved a median +0.1% over 5 sessions (52% higher; middle half -1.5% to +2.1%), and +0.2% over 20.
After 361 past weather events, Palm Oil moved a median +0.0% over 5 sessions (51% higher; middle half -1.3% to +1.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
